Ed Miliband: 'Serious concerns' over proposed Pfizer deal

Following a brief 30 minute with Pfizer chief executive Ian Read after today's hearing Mr Miliband said: "There are serious concerns about this proposed takeover. There are too many unanswered questions about British science and British industry".

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Following a brief 30 minute with Pfizer chief executive Ian Read after today's hearing Mr Miliband said: "There are serious concerns about this proposed takeover. There are too many unanswered questions about British science and British industry.

Miliband has said that the "takeover will affect our country for decades to come." Credit: Danny Lawson/PA Wire

"This takeover will affect our country for decades to come. That is why David Cameron should act now and have a proper test about whether it is in our nation's interests. If it is not, he should block the deal."

He told MPs on the Business Select Committee: "The framework which we have under the act, as you know, confines the public interest test quite narrowly and, of course, all of that takes place within the framework of European merger law."

Today's appearance from Pfizer bosses before MPs "confirms many of the worst fears" about the proposed takeover of AstraZeneca, Labour have said.

Shadow Business Secretary Chuka Umunna told the BBC: "What we heard at the hearing today reinforces the grave concerns we have about this deal and confirms many of the worst fears of people in the business and science community in the UK.

Ian Read appearing before MPs earlier. Credit: PA Wire

"What do we know? They confirm that they will be cutting jobs. They confirm that there will be a cut in the spending of the combined merged entity. They've confirmed that the business, AstraZeneca will be split up, and they haven't ruled out selling off parts of it in the future.